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Non-Tech : Derivatives: Darth Vader's Revenge -- Ignore unavailable to you. Want to Upgrade?

To: Worswick who wrote (39)	9/6/1998 4:12:00 PM
From: Henry Volquardsen	Read Replies (3) \| Respond to of 2794

I wouldn't read to much into Miyazawa's comment. That line is part of an old Japanese argument trying to get the US to take greater steps to reflate. Every one knows that Long Term Credit Bank is the worst of the Japanese banks. Miyazawa named them on purpose and trotted out that comment about systemic risk to the US as part of their ongoing attempts to pressure the US into rate cuts. That was not a statesman trying to warn an ally, that was an intransigent politician trying cheap scare tactics to influence public opinion. If the Japanese were so concerned about systemic risks to the international economy they can start by using public funds to close down bad banks. The Japanese banks have been one of the seminal problems in the world economy yet they have done nothing. Miyazawa and his fellow Japanese bureaucrats make me sick. Their policies caused the Japanese asset bubble in the 80s. Their pricking of that bubble has caused the ongoin Japanese recession of the 90s. Their unwillingness to make the tough decisions to clean up their own banks have been a major contributing factor to the general Asian economic difficulties. Yet they refuse to take any action to correct the situation and continue to resort to this sort of cheap political theater. Their arrogance is monumental.